I have been buying and selling single family homes over the past 10 years or so. I have made great money on a few properties and have really screwed up on a few.
What would I do different? The first thing I would do is buy and sell property under a legal entity, such as an LLC or Corporation. This way, if you do something wrong your company will get sued, not you! Also, never be afraid to ask questions to attorneys (highly recommended, knowledgable, real estate attorneys), title company employees (experienced closing officers; I have found that out of all the people I talk to, these are the most knowledgable about what can and can’t be done, plus their advice is FREE), and GOOD real estate agents (remember that most agents seem to be totally against a lot of creative financing). Also, fellow real estate investors can give you some great insight on what and what not to do (keep track of this site; I would give anything if this site would have existed when I first started). The main point I’m trying to make is, don’t try and ‘reinvent the wheel’; what you are trying to do has already been done, so learn from people who know what they are talking about. Remember, there is no such thing as a ‘dumb’ question.
What would I do the same? What I have found to be true in this creative real estate investment business is that it is so easy to get caught up in studying courses, reading books, and talking to relatives and friends about your investment ideas. While all of these can be good to do to an extent, they can also keep you from actually doing anything. I don’t care how much you read or study, you still need to actually buy and sell property to learn how things really work. I studied and studied before I actually started. I still made mistakes. Nervous about a deal? Again, ask lots of questions…My point; get out there and do it. It’s Fun!
Three rules of success? First of all, that’s a good one! This is just my opinion, but I would say that number 1 for me would be to surround yourself with other positive, motivated, outgoing people. I have cost myself so much success in the past by listening to negative relatives and friends. ‘Only you’ know what you’re trying to accomplish. Believe in Yourself!! Number 2 would be to never be afraid to ask questions. At first, I was afraid of sounding stupid. This is the only way you will learn, unless you want to experience un-needed mistakes for yourself. Trust your GUT. Go for it! Number 3 would be to treat yourself and people around you every time you complete a good deal. I have found that if I don’t treat myself to a vacation or a swingset for my kids that I start losing my motivation. Give to a local charity. Help people less fortunate. It’s such a great feeling to know that if you weren’t buying and selling real estate, that you couldn’t give like you are. It’s extremely motivating to know that other peoples lives are better because of YOU. I’m not talking about blowing everything you make, just a small percent. Believe me, it will help you look for that next deal.
What courses have I found the most useful? I have bought several of the courses that have been on T.V. for years. My opinion is that they are too generalistic. They are motivating, give some great ideas, but leave you asking plenty of questions. I haven’t actually purchased any of the courses on this site, but by judging the response that investors are leaving, I think you are pretty safe buying the courses off of this site.
These are just my opinions, but I hope they help.
Good Luck and Happy Investing!!!
Remember…Have Fun!
Dave
Re: If you had to start over in vesting in real estate, what would you do different? and … - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on June 15, 1999 at 07:26:04:
If I started over in real estate I would :
Put as little of my own money and credit into each deal as possible. If you start using your own money or credit, you will run out of both soon. Learn to make deals happen without money or credit.
Never listen to the nay-sayers. You will always hear “it can’t be done”. Ignore them.
Use advertising to create more and better leads to find those motivated sellers.
The main thing I would do the same is to get started. You will never accomplish anything if you do not get started.
3 rules to success : Persistence, persistence, persistence.
Personally, I have found Ron LeGrands material to be excellent.